WASHINGTON (dpa-AFX) - Nucor Corp. (NUE) announced Tuesday that it has entered into an agreement to purchase Hannibal Industries, Inc. for $370 million. The company is a leading national provider of racking solutions to warehouses and serves the e-commerce, industrial, food storage and retail segments.
Pending approvals, Nucor will purchase 100 percent of Hannibal Industries' outstanding shares from its Employee Stock Ownership Plan (ESOP).
Acquiring Hannibal Industries gives Nucor a new growth platform and broadens its offering to the fast-growing warehouse channel, and complements its current product capabilities, including beams, joists and deck, metal buildings and insulated metal panels.
This acquisition also reflects Nucor's strategy of expanding beyond its core steel businesses and establishes a new area for Nucor to pursue a market leadership position.
Hannibal Industries has manufacturing facilities in Los Angeles and Houston, as well as three distribution centers. It utilizes sheet and bar steel, as well as steel decking, wire deck and fasteners to produce its racking solutions, providing potential supply chain efficiencies with other Nucor businesses.
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